Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,480 | $126,786 | 1.17% | B |
| 3BR | $1,760 | $151,332 | 1.16% | B |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 08104, Camden, NJ, presents a unique scenario that combines both challenges and opportunities for landlords and small-portfolio investors. With a median home value at $131,204, the area remains relatively affordable compared to other parts of New Jersey. This low valuation is further supported by the fact that only 0.1% of listings have seen reductions in price, indicating a stable market where sellers are not compelled to lower their asking prices due to lack of demand.
The median days on market (DOM) being listed as N/A suggests that homes are selling quickly, often before reaching a typical DOM measurement. This rapid turnover signals strong buyer interest and a robust sales environment, which can translate into increased rental demand as well. In an area where homes sell swiftly, potential renters might find themselves competing with buyers, driving up the rental market's activity and possibly rents.
The Fair Market Rent (FMR) for ZIP 08104 for fiscal year 2024 is set at $1,400. However, the current market rent stands at $1,163 according to Census ACS data. This gap between the FMR and the actual market rent indicates a potential upward pressure on rental rates. As the area becomes more attractive to tenants due to its affordability and the quick pace of home sales, landlords may find themselves in a position to increase rents closer to the FMR levels without significantly affecting occupancy rates.
For long-term hold investors, the setup in ZIP 08104 implies a cautious approach to appreciation expectations. While the current median home value and the stability of listing prices suggest a solid foundation, the rapid DOM and the rental market dynamics point towards a scenario where rental income could be the primary driver of returns rather than property appreciation. The lack of significant appreciation in recent years and the modest valuation of homes indicate that while capital gains might occur, they will likely be modest and should not be the sole basis for investment decisions.
In summary, the combination of a low median home value, stable listing prices, and a rapidly turning market suggests that landlords and small-portfolio investors can maintain or slightly increase rents, leveraging the gap between market rates and the FMR. However, appreciation should not be expected to be a major factor in total returns over the next 12-24 months. Instead, a focus on rental income and maintaining a competitive edge in the local market will likely yield the best outcomes for investors in ZIP 08104.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.